David Thomas, a seasoned electronic engineer and journalist at BeInCrypto, uses his technical background and university-honed skills to make the complex cryptocurrency market accessible and engaging for all readers.
Solana’s 2023 developer report revealed a significant increase in active developers, with 2,500-3,000 monthly active developers and over 50% retention. This rise in developer activity aligns with the increase in Total Value Locked (TVL) on the Solana network, which currently stands at $1.38 billion. The majority of this value is held in Marinade Finance, a liquid staking protocol.
One possible reason for this surge in developer activity could be the fragmentation in the Ethereum rollup ecosystem. These rollups, which improve Ethereum’s speed by batch-processing transactions off-chain, have created their own developer ecosystems. This could potentially lead to developers preferring monolithic chains like Solana. However, Miles Deutscher, a decentralized finance expert, warns against writing Ethereum off prematurely.
Despite the rise in developer activity and TVL, Solana’s performance in the Non-Fungible Token (NFT) market trails behind Ethereum. In the last 30 days, Solana raked in $308 million in NFT sales, while Ethereum garnered $323 million.
Furthermore, Solana’s value has surged by 500% from $16.30 in January last year to over $100 at press time. However, it has been affected by macro narratives, such as the rulings by the US Securities and Exchange Commission (SEC) on whether to approve spot Bitcoin exchange-traded funds (ETFs). The asset fell from $115 on Jan. 2, 2024, to $92 after news surfaced that the SEC may reject all spot ETF applications.
New data from exchange-traded product provider Coinshares reveals that outflows from SOL investment products totaled $5 million in the first week of January.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | David Thomas, Miles Deutscher |
| Companies | US Securities and Exchange Commission (SEC), BeInCrypto, The Trust Project, Solana, Ethereum |
| Currencies | Ethereum, Bitcoin, Solana |
| Securities | None |
